Afren share price falls as it puts off another interest payment to bondholders

Having previously worked at Property Week and Management Today, my areas of expertise are housing, entrepreneurs and leadership, as well as cars and the automotive industry. In 2015 I won the British Media Awards' Rising Star of the Year award.

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Emma Haslett

Shares in Afren have collapsed more than 98 per cent in recent months - thanks, in part, to sliding oil prices (Source: Getty)

Afren, the troubled oil producer whose share price plummeted 98 per cent last year, admitted this morning that it will use another 30-day grace period to put off an $11.9m (£7.7m) interest payment due yesterday.

The Aim-listed company added that it was unlikely to make the payment, due on its 2020 bonds, at the end of the grace period, "given the terms of the consensual restructuring that has been agreed with its principal creditors".